If anyone depends on you financially, you need life insurance. When people depend on your income, or if you depend on someone else to contribute financially, then life insurance should be considered and discussed. Although death is inevitable, the sudden and unexpected loss of a loved one can be financially devastating in addition to the emotional grief.
Two Types of Life Insurance
For many people, the best and least expensive way to hedge the potential loss of income from death or permanent disability is Term Life insurance. Term Life insurance provides a death benefit to survivors, and in some cases can provide income during a chronic or terminal illness if premiums are paid. Others may need Permanent also called Whole Life insurance, which continues for your whole life. Permanent insurance can build cash value, whereas Term Life insurance does not. You can use this cash value to pay monthly premiums, borrow from yourself with a low interest loan, pass money down to heirs, or cancel the policy and use the money to pay bills.
Cost of Life Insurance
Term insurance usually costs less than Permanent insurance, and you can choose a term that provides benefits during the years when people depend on you financially. When the specified term ends (typically 5, 10, 20, or 30 years), you may no longer need life insurance: Often, Term insurance can be converted to Permanent insurance. Various “riders” can be added to a policy, such as a “Waiver of Premium,” which will pay the insurance premium if you are unemployed or disabled, or “Return of Premium”, which will refund all the money you’ve paid into the policy over the years, if you don’t access the policy benefit. A new type of insurance rider offers “Living Benefits” which can provide much needed income in case of an unexpected diagnosis of a chronic, critical, or terminal illness. Life insurance with living benefits can help pay for the unexpected high-cost of hospital or home healthcare, equipment, medications, and other routine living expenses if your ability to work is compromised.
Licensed to Sell in Many States
Our agents are expert in the field of insurance in Arkansas, Texas, Oklahoma, Missouri, Mississippi, Louisiana, Tennessee, Alabama, South Carolina, North Carolina, West Virginia, Ohio, and Massachusetts. Did you know that some insurance laws and plan prices differ from state to state? We will help you get the best plan for your money, wherever you happen to live.
Life Insurance for the Disabled, Diabetics, and other Health Concerns
As a client, your needs are a priority. We offer several services for retired persons aged 65 and over as well as guaranteed plans for those who have been diagnosed with pre-existing conditions up to age 85.
Your family will always come first; you wouldn`t want them to have to bear the financial burden of your last days, medical costs, funeral expenses, mortgage payment, or car payment they cannot afford to pay. How would they cope financially if you die tomorrow? No matter what your age, it`s always good to have a plan as to how you intend to cover these costs. Final expense insurance will pay for your funeral service and other associated costs.
We know about the benefits and pitfalls of insurance policies; employer sponsored plans; term versus whole life and other insurance `gray areas` that customers often wish to better understand. Please don`t hesitate to call us with your questions, no matter whether you are a valued customer, a potential one, or if you simply need advice.